Bolormaa is 23 years old and lives with her 2-year-old daughter in the Uvurhangai province of Mongolia. She and her daughter live in a ger, a traditional Mongolian nomadic housing tent, within her parents' fence.
Bolormaa operates a cellphone and cellphone-parts business out of a rented stall in the local trade center. She started her business in 2009 and has made much progress with her business. The success of her business has raised her working capital from 650,000 Mongolian tugriks (MNT) when she started with five mobiles and other spare parts to a level exceeding 2,000,000 MNT today.
She will use this loan to purchase more mobiles and spare parts as well as to increase her product line by selling a variety of souvenir products. Bolormaa is a hardworking and helpful person and is requesting a 3,000,000 MNT loan to purchase cellphones and cellphone parts as well as souvenir products for her business.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.